Core Insights - In the first half of 2025, banks lowered deposit rates, enhancing the attractiveness of wealth management products, leading to a significant shift of funds from deposits to these products [1][2] - The issuance of net value-based wealth management products increased by over 40% year-on-year, with 10,941 products launched by 32 companies compared to 7,805 in the first half of 2024 [1][2] - The product structure is shifting towards multi-asset and multi-strategy approaches, with a notable increase in the issuance of mixed and equity products [4][5] Product Issuance - The number of newly issued products reached 10,941, with a year-on-year increase of over 40% [2] - Leading issuers include Huaxia Wealth Management with 820 products, followed by Xingyin Wealth Management and Everbright Wealth Management, each exceeding 700 products [2] - The majority of new products are public offerings, accounting for approximately 90.6%, while private offerings make up 9.4% [4] Investment Characteristics - Fixed-income products represent 97.4% of the total, a slight decrease of 0.9 percentage points year-on-year, while mixed and equity products have seen an increase in issuance [4] - The proportion of closed-end net value products has dropped significantly to 59.9%, while open-end products have risen to 40% [4] - Short-term products (less than one month) now account for 22.2% of new issuances, up 5.5 percentage points from the previous year [4] Pricing Trends - The performance benchmark for wealth management products has been on a downward trend, with one-month products dropping below 2%, recorded at 1.88% in June 2025 [7][8] - The pricing for products with longer durations has also decreased, with two to three-year products falling to 2.71% and three-year products below 2.5% [7][8] Fundraising Dynamics - The total fundraising for newly issued products in the first half of 2025 was approximately 17,579.06 billion yuan, with an average fundraising size of 2.69 million yuan, down 13.5% from 3.11 million yuan in the same period of 2024 [8][9] - Only one product exceeded 100 billion yuan in fundraising, the "Anying Xiang Fixed Income Stable Profit 14-Month Series" from Xinyin Wealth Management [9][11] - The competition for fundraising has intensified, with the top ten products raising a total of 823.2 billion yuan, a year-on-year increase of 24.88% [9]

Core Viewpoint - The report highlights the performance and trends in the banking wealth management industry for May 2025, indicating a significant decline in the net loss rate of wealth management products and a shift towards longer-term products in issuance. Group 1: Net Loss Situation - The net loss rate of wealth management products reached a new low of 0.71% by the end of May, down 0.25 percentage points from the previous month [4][8] - The net loss rates for fixed income, mixed, and equity wealth management products all decreased, with fixed income products dropping to 0.25% and mixed products to 7.07% [9] - Most wealth management companies reported a decrease or maintained a net loss rate of zero for their public fixed income products [9] Group 2: New Issuance Situation - In May 2025, 32 wealth management companies issued a total of 1,806 products, a decrease of over 15% from April, likely due to the "May Day" holiday [10] - The proportion of products with a term of over one year increased by 1.24 percentage points, indicating a trend towards longer-term products [12] - The average pricing for products with a term of less than one month fell to 2.14%, with expectations of approaching the 1% era [15] Group 3: Expiry Situation - A total of 836 closed-end RMB wealth management products expired in May, a decrease of 17.64% from the previous month [5][21] - The overall performance benchmark compliance rate for expired products was 84.32%, with fixed income products achieving a compliance rate of 51.58% [24][28] - The average annualized yield for fixed income products at expiry was 2.89%, with 1-2 year products yielding the highest at 3.32% [25][26] Group 4: Ongoing Situation - As of the end of May, there were 27,163 ongoing wealth management products, with fixed income products making up 92.41% of the total [34] - The proportion of open-ended products increased to 54.04%, while closed-end products decreased correspondingly [34] - The performance of equity products was the best among all types in the first five months of the year, with an average net value growth rate of 2.88% [38] Group 5: Performance by Company - The highest average net value growth rate for fixed income products in the first five months was achieved by Huayin Wealth Management at 1.21% [44] - For mixed products, Ningyin Wealth Management led with an average growth rate of 2.54% [46] - The report indicates that the performance of wealth management products varies significantly among different companies, reflecting their management capabilities and client expectation management [28]